The American arm of the major crypto exchange, Binance.US, is looking toward the restoration of US dollar services at the beginning of 2025. Interim Chief Executive Officer Norman Reed said the timeline shows the commitment of the platform to the resumption of fiat operations.
According to the blog post, in June 2023, the SEC filed civil claims against Binance.US, forcing the platform to go crypto-only. This halted its fiat on- and off-ramps, impacting users’ access to traditional banking services. Reed criticized the SEC’s actions, claiming they hindered innovation and denied Americans efficient blockchain-based financial solutions.
Rebuilding Binance.US, overcoming regulatory hurdles
Yet, for all its legal tussles, Binance.US remains unabashed in its attempt at rebuilding. “We’ve survived the SEC’s overreach,” Reed said. Despite granting the agency an extraordinary amount of discovery requests, the SEC hasn’t been able to present any evidence of wrongdoing against the platform.
Binance.US claims that, in 2025, its first priority is to focus on the USD, and things are already in motion. However, the platform boasts zero-fee trading for BTC/USDC, staking for more than 20 assets. Additionally, it supports 160+ cryptocurrencies, thus making low fees and variety secure.
Going forward, Binance.US is working to grow its product suite, build out its compliance, and earn user trust. Reed said he thinks 2025 is going to be a pivotal year for the platform and for the crypto industry.
Nevertheless, the company is still focused on user empowerment for innovation. With growing momentum, Binance.US is well-positioned for a strong comeback to fight for its role in the new financial world.
